Coinbase to let crypto recipients in Mexico cash out in local currency

FILE PHOTO: The logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, U.S., April 14, 2021. REUTERS/Shannon Stapleton/File Photo

(Reuters) - Coinbase Global on Tuesday said it is launching a pilot program to allow cryptocurrency recipients in Mexico to cash out their funds in pesos, a move aimed at shaking up the $700 billion global remittance market.

Cryptocurrencies such as bitcoin are seen as an important way for people to send money to family and friends overseas because of the borderless nature of crypto and fewer intermediaries than traditional currency transfers.